Fannie, Freddie Revamp Mortgage Insurance Guidelines

Law360, New York (December 2, 2013, 2:22 PM EST) -- The Federal Housing Finance Agency on Monday announced the completion of a major revision to guidelines outlining the minimum requirements for private mortgage insurance policies, aiming to provide stronger protections for policyholders and make claims processing more efficient.

The new policies, called for in a 2013 agency review of the financial condition of government-sponsored agencies Fannie Mae and Freddie Mac, will align marketwide policy obligations to require new loss mitigation strategies and offer additional clarity as to when mortgage insurance coverage can be terminated, according to...